Investor · West Milford, NJ · Member since 2015 · 9 posts · 2 votes
I'm buying a single family house in NJ cash. Closing next week. Lenders that i've talked to so far are telling me that I'd have to wait 6 month for refi with full 75% LTV based on appraisal, which makes sense.
They are also telling me that before 6 months, taking advantage of delayed financing rules I can take out up to 75% of purchase price.
As far as i had read and heard online and in the forums, i was expecting to be able to get 100% of purchase price+closing costs via. refinance.
Investor · Houston, TX · Member since 2015 · 233 posts · 188 votes
10y
In my experience if you're doing delayed financing it was 75% of ARV or 100% of purchase price, whichever is less. You usually can roll in some of the closing costs.
Investor · West Milford, NJ · Member since 2015 · 9 posts · 2 votes
10y
Yeah, thats what I thought too, but I'm being told otherwise. Talked to 4 mortgage brokers and all had same response. Best was 75% of purchase price. It was a cheap house, $26k so 75% ($19.5k) isn't much of a refi. It would cost a lot to get that little bit of money out.